AR and VR smart glasses market is gaining immense popularity and also promising tremendous growth. Virtual reality (VR) refers to a computer generated simulation of real life situation or environment; augmented reality (AR) is a technology that layers computer generated enhancements to make it more meaningful to interact with it. AR and VR are inverse reflections of one another. AR and VR help us to change the way we visualize the data. AR and VR are considered as a medium to deliver entertainment.

Technology giants such as Seiko Epson Corporation, Microsoft Corporation, Osterhout Design Group, Samsung Group, Royole Corporation, Optinvent, MicroOLED, Ricoh, Kopin Corporation, FlexEl, LLC and Sony Corporationare some of the major players in the AR and VR smart glasses market. Osterhout Design Group is one of the leading vendors of the AR and VR smart glasses market. They have launched smart glasses with snapdragon 853 process in partnership with Qualcomm in January 2017. The company focuses on designing AR and VR smart glasses and delivering amazing augmented reality, mixed reality, and virtual reality applications. Whereas, Facebook patents the Oculus augmented reality smart glasses. Facebook is determined to be a major player in the virtual reality market. It has recently launched Spaces, a new virtual social network inside the Oculus Rift headset. Increasing demand for mobile applications and growing popularity of e-commerce and online shopping are other major factors driving the growth of the global AR and VR smart glasses market. Furthermore, increasing awareness regarding different cloud computing platforms is boosting the growth of the market.

The global AR and VR smart glasses market has been segmented on the basis of device type, product, and application. The product segment is further classified into mobile phone smart glasses, integrated smart glasses and external smart glasses. However, the external smart glasses segment is expected to hold the major share of the market owing to the increasing use of such kind of smart glasses in gaming and other applications. High adoption of cloud-based technologies is one major factors driving the growth of AR and VR smart glasses market.

The North American region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and increasing popularity of GPRS and server-cloud enabled AR and VR smart glasses in the region. The region also has a well-established infrastructure, which allows faster implementation of advanced technologies.

The global AR and VR smart glasses market is expected to grow at a CAGR of approximately 13% during the forecast period 2017-2023.

The global AR and VR smart glasses market is segmented by device type, product, and application. Based on the device type, the market is segmented into binocular and monocular. Based on the product, the market is segmented into mobile phone smart glasses, integrated smart glasses, and external smart glasses. Whereas, based on the application, the market is segmented into gaming, education, military, industrial, and commercial.

Regional Analysis:

The global AR and VR smart glasses market is studied for Asia Pacific, North America, Europe, and Rest of the World.It has been observed that North America is estimated to account for the largest share of the market, whereas Europe is projected to grow at the fastest rate during the forecast period. The North American market growth is attributed to technological advancements and increased adoption of cloud-based technologies across various industry verticals.